Market View 14th February 2023

View on market: Stay Cautious, be with quality business:

Asian markets are set to advance, following a rally on Wall Street as traders position for the U.S. inflation data later in the day that might not be as bad as once feared. The S&P 500 added 1.1% and the tech-heavy Nasdaq 100 climbed 1.6% after a survey showed Americans drastically reduced their expectations for household income growth amid tighter monetary policy. In India, retail inflation rose to the highest since November, led by a pick-up in food prices, on Monday after market hours. The Consumer Price Index inflation was at 6.52% in January 2023, compared to 5.72% in December 2022, according to data released by the Ministry of Statistics and Programme Implementation. At 6:04 a.m., the Singapore-traded SGX Nifty, an early indicator of India’s benchmark Nifty 50, was up 0.39% at 17,859. Meanwhile, the yield on 10-year Treasuries declined to 3.71%. Crude prices were trading at $86-mark, while Bitcoin was below $22,000-level. Indian equity benchmarks declined in the first session of the week, as investors awaited inflation data and Asia trade was weak. Rupee dipped 22 paise against the U.S. dollar amid a downtrend in domestic equities.

Economic Calendar:

• USD : CPI (MoM) (Jan) on 14^th February, 2023
• USD : GDP (QoQ) (Q4) on 14^th February, 2023
• INR : WPI Inflation (YoY) (Jan) on 14^th February, 2023
• INR : Exports (USD) on 15^th February, 2023

Q3FY23 Results Today: Adani Enterprises, Eicher Motors, Grasim Industries, ONGC, Apollo Hospitals Enterprises, Aster DM Healthcare, Bata India, Bharat Forge, Biocon, Bosch, CESC, GMR Airports Infrastructure, Indiabulls Housing Finance, Ipca Laboratories, NBCC (India), NMDC, PI Industries, PNC Infratech, Prestige Estates Projects, Radico Khaitan, Siemens, Spencers Retail, SpiceJet,

Brokerage Radar:

JEFFERIES ON NYKAA: Buy, TP Rs 200; 3Q GMV growth of >35% was led by Fashion & Others, while BPC was at 25%, due to a high base & shift in festive season per mgmt.; weak macro also impacted. Revenues largely inline, while GM sharply below expectations

CITI ON ZEE: Buy, TP cut to Rs 280; Muted 3Q – lower ad rev & challenges in subscription growth (ex-1-offs) together with investment behind content & digital impacted profitability; Cut FY23E earnings est. by 35% & FY24-25E by 11-15%; Monitor 14-Feb proceedings of NCLT hearing

NOMURA ON GLENMARK PHARMA: Buy, TP Raised To Rs 633; Management commentary; a) US sales to grow by mid-single digit in FY24 b)completion of Monroe facility remediation by 4QFY23; c) two MDI ANDA filing in CY23; d) brand divestments in India to sharpen focus on key brands

International Markets:

U.S & Europe

Asian markets

ADR Watch:

Commodities & Currency

FIIs & DIIs:

News Update:

Zee Entertainment Enterprises: Reported a 92% YoY decline in consolidated profit at Rs 24.31cr for quarter ended December FY23, dented by weak operating performance, lower topline and exceptional loss (Rs 168.97 crore). Consolidated revenue from operations at Rs 2,111.2 crore fell by 0.07% compared to year-ago period hit by lower advertisement revenue (down 15.6% YoY), but subscription revenue growth was strong at 13.2% in the same period.

Shree Renuka Sugars: Commenced commissioning activities of its expanded ethanol production capacity at Athani (from 300 KLPD to 450 KLPD) and at Munoli (from 120 KLPD to 500 KLPD).

Maruti Suzuki India/ South Indian Bank: The automobile major has signed an MoU with the bank to offer dealer finance options and customised auto retail financing solutions for customers.

HeidelbergCement India: The board approved the appointment of Joydeep Mukherjee as managing director of the company for a term of three years, effective April 1, 2023.

Shree Cement: PN Chhangani resigns as whole-time director of Shree Cement. Prakash Narayan Chhangani has resigned as Whole Time Director of the company.

GR Infraprojects: Recorded a 122.5% YoY growth in consolidated profit at Rs 323.6 crore for December FY23 quarter, supported by strong operating performance. Revenue grew by 12% YoY to Rs 2,192 crore. On the operating front, EBITDA surged 62.5% YoY to Rs 595 crore with margin expansion of 841 bps YoY at 27.13% for the quarter.

 Source: Moneycontrol, Bloomberg Quint, Investing

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